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CMFO Exam Question Bank with Questions with Complete Solutions
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CMFO Exam Question Bank with Questions with Complete Solutions
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CMFO Exam Question Bank withQuestions with Complete Solutions
equalized valuation - ✔✔Represents the true value of all taxable property in the municipality
derivatives - ✔✔Not a permissible investment
False - ✔✔T/F: Budget transfers may be made to: Deferred Charges, Reserve for Uncollected
Taxes, Down Payment on Improvements and Capital Improvement Fund
40 years - ✔✔Period of usefulness may not exceed
DLGS - ✔✔____________ must approve: petty cash fund, change in title and text, dedication by rider,
and emergency appropriations in excess of 3% of operating appropriations
Net debt - ✔✔Borrowing capacity is based on
Patrol cars - ✔✔Not bondable assets
$1000000 - ✔✔Local government bonds may be sold privately except when the total of bonds
is more than
eligible shared services - ✔✔Joint collection of taxes, joint municipal court, joint solid
waste collection/disposal
,False - ✔✔T/F: Dedication by Rider must be accounted for in the current fund
governing body - ✔✔Special Improvement District budgets must be approved by:
True - ✔✔T/F: The budget message should contain explanation of appropriation and levy CAPS and
a listing of appropriations split by CAP.
Budget Procedure - ✔✔Introduction & Approval, Public Advertisement, Public Hearing, Amendments,
Advertising & Public Hearing on Amendments, Adoption
Local Finance Board - ✔✔If a municipality does not have an Ethics board, ________________ would
act a the Ethics Board.
Line Item Budget - ✔✔What is the official budget required to be adopted?
Utility Assessment Trust - ✔✔Payment of Utility Assessment Bond Principal is recorded as
an expenditure in which fund?
Apply to Amount to be Raised by taxation - ✔✔Which is not a proper way to distribute a
tax overpayment?
DCRP - ✔✔Town Administrator can be enrolled in
True - ✔✔T/F: 2010 CAP eliminated the add-on increases for the Reserve for Uncollected Taxes.
True - ✔✔T/F: Transitional aid recipients must demonstrate that user fees have been established for
discretionary services, so that taxpayers are not subsidizing nonessential programs.
shorter useful life - ✔✔Unexpended bond proceeds may not be appropriated to fund
additional capital improvement projects with a
, storm recovery reserve - ✔✔Can be used for salt and sand purchases, snow removal and salaries and
Water Capital fund - ✔✔In what fund is gross utility debt reflected in?
dedication by rider - ✔✔Amount of dedicated revenues is not subject to a reasonably
accurate estimate in advance
Modified accrual basis - ✔✔Method of accounting for transactions is
explanation of tax rate - ✔✔Not required to be included in budget message
EMMA - ✔✔Annual Financial statements must be filed with
overtime - ✔✔Not part of pensionable salary
True - ✔✔T/F: Payroll costs may be found in current fund, utility operating fund, trust fund
and general capital fund
Registered Municipal Accountant - ✔✔Every audit required by the Local Fiscal Affairs Law is
required to be completed by an accountant or auditor who holds an uncanceled license as:
Chief Financial Officer - ✔✔The statutory responsibility for filing of the unaudited Annual
Financial Statements is assigned to which local government official
Planning Board - ✔✔As defined in the Local Government Ethics Law, a Local government officer that
serves on a local government agency that approved development applications would refer to a member
of
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